Oil products import decline to N1.87tr in Q4 2022

A report by the National Bureau of Statistics (NBS) has revealed that oil products imports dropped from N2.29trillion in the third quarter to N1.87 trillion in fourth quarter of 2022.

NBS disclosed this in a latest report on its website, stressing that the value of other oil products imports in the fourth quarter of 2022 stood at N 1.876.87 trillion indicating a decline of -18.18 per cent from the value recorded in Q3, 2022 (¦ 2.293.79trillion).”

According to the report, the figure increased by 10.40 per cent compared to the value recorded in the corresponding quarter of 2021 (N 1.700.13 trillion).

NBS said the value of energy goods imports stood at N 0.001billion in Q4, 2022 which was (-84.17per cent) lower than the value recorded in the third quarter of 2022 (N 0.004 billion) and (-97.92per cent) lower than the corresponding period value of 2021 (N 0.03 billion).

The value of total imports, said NBS, stood at N 5.362.83 trillion in the fourth quarter of 2022, this showed a decrease of 15.46 per cent when compared with the value recorded in Q3, 2022 (N6.343.53 trillion) and also declined by 9.73per cent, compared to the value recorded in the corresponding quarter of 2021 (N5.940.58 trillion).

NBS further stated that the value of imports of agricultural goods in the fourth quarter of 2022 stood at N444.82 billion showing a decline of 13.27 per cent and 33.33 per cent compared to the value recorded in the third quarter of 2022 (N512.91 billion) and the value recorded in the corresponding quarter of 2021 (N667.16 billion).

The document noted that the value of raw material imports stood at N 559.25 billion in Q4, 2022.

It said the value fell by 13.86 per cent compared to the value in Q3, 2022 (N649.21 billion) but rose by 2.83 per cent compared to the value recorded in Q4, 2021 (N543.87 billion).

According to NBS, the value of solid minerals imports in the fourth quarter of 2022 stood at N34.12 billion, this value was 9.39 per cent lower than the value recorded in Q3, 2022 (N7.66 billion) and 14.47 per cent higher than the value recorded in Q4, 2021 (N29.81 billion).

The data noted that the value of imported manufactured goods in the quarter under review stood at N2.447.76 trillion with a decrease of -14.11 per cent as against the value recorded in Q3, 2022 (N2.849.96 trillion). This value also declined by -18.43 per cent when compared to the value recorded in Q4, 2021 (N3.000.66 trillion).